Tiger Airways Holdings operating loss doubles in 2QFY2015

Tiger Airways Holdings revenue down 11% - financial highlights:

• Three months ended 30-Sep-2014:
• • Revenue: SGD146.7 million (USD117.3 million), -10.5% year-on-year;
  • • Ancillary: SGD32.8 million (USD26.2 million), -17.5%;
  • Total costs: SGD172.0 million (USD137.5 million), -2.6%;
  • • Fuel: SGD71.5 million (USD57.2 million), -8.2%;
    • Labour: SGD21.4 million (USD17.1 million), -3.9%;
  • Operating profit (loss): (SGD25.3 million) (USD20.2 million), compared to a loss of SGD12.8 million (USD10.2 million) in p-c-p;
  • • Tigerair Singapore: (SGD31.3 million) (USD25.0 million), compared to a loss of SGD18.1 million (USD14.5 million) in p-c-p;
  • Net profit (loss): (SGD182.4 million) (USD145.8 million), compared to a profit of SGD23.8 million (USD19.0 million) in p-c-p;
• Six months ended 30-Sep-2014:
• • Revenue: SGD315.7 million (USD252.2 million), -21.1%;
  • • Ancillary: SGD69.5 million (USD55.5 million), -25.0%;
  • Total costs: SGD357.4 million (USD285.5 million), -14.7%;
  • • Fuel: SGD150.9 million (USD120.6 million), -13.7%;
    • Labour: SGD43.9 million (USD35.1 million), -24.7%;
  • Operating profit (loss): (SGD41.7 million) (USD33.3 million), compared to a loss of SGD19.0 million (USD15.2 million) in p-c-p;
  • Net profit (loss): (SGD247.6 million) (USD197.8 million), compared to a loss of SGD8.9 million (USD7.1 million) in p-c-p. [more - original PR]

*Based on the average conversion rate at USD1 = SGD1.2511 for 2QFY2015
*Based on the average conversion rate at USD1 = SGD1.2519 for 1HFY2015

Tiger Airways Holdings: "We resolved our excess capacity issues through the sublease arrangements made for the surplus of aircraft, and we also stemmed further losses from our overseas venture. We are heartened by SIA's support in this Rights Issue. We are already working closely with Scoot, and look forward to further collaboration with the rest of the SIA Group," Lee Lik Hsin, CEO. Source: Company statement, 17-Oct-2014.